Brewery celebrates second funding deal
A START-up business which aims to put Bradford on the map for high quality brewing and take a share of the multi-billion pound market for speciality ales and lagers has secured £300,000 of angel investment to support its ambitious growth plans.
The Envestors North investment will enable Bradford Brewery to launch from its own fully refurbished brewpub in Bradford city centre on Westgate and support its marketing drive to attract further expansion capital.
The deal follows a recent announcement of a new £50,000 loan facility agreed by Bradford-based loan provider Business Enterprise Fund.
Headed up by managing director Matthew Halliday, Bradford Brewery has already negotiated with the property owners, Shaw Moisture Meters, which is contributing £200,000 into the refurbishment of the site.
The business will use the investment secured through Envestors to complete the property renovation, purchase their first brewplant, with a brewing capacity of 16,000 pints per week and bolster its cash balance.
Envestors North which incorporated Yorkshire Association of Business Angels (YABA) into the business last year, provides an introduction service for private equity investors, entrepreneurs and companies seeking finance, typically providing investment of between £300,000 to £1m for younger companies and up to £10m for more established businesses.
Halliday said: “Bradford Brewery is a new business with big ambitions. We want to be as synonymous with the city as David Hockney, Bradford Bulls and Bradford City Football Club. This investment, coupled with our own funds and the recently approved loan facility from Business Enterprise Fund will allow us to enter the market from a very strong financial position. We’ll be working to make sure there’s a Bradford beer on the bar of every pub across the district.”
Barbara Greaves, manager of Envestors North (YABA), said: “From his initial enquiry with us in late 2013, Matthew has tenaciously kept the investors informed as his plans progressed resulting in their commitment to invest in September 2014. Keeping them informed post investment will be equally as important.”
Andrea Cropley and Natalie Hager at law firm Irwin Mitchell, advised Matthew Halliday at Bradford Brewery on the fundraising exercise with Envestors.
She said: “Bradford Brewery is an extremely ambitious business with a very sensible business plan. It has identified a gap in the market and developed a strong proposition which has proved popular with the angel investment market.
“The business will have an income stream through its Brewpub, but it is looking to build its estate and also secure some lucrative contracts. It has already made progress with this and I look forward to seeing the business build on this and realise its ambitions.”
Colin Glass and Jeremy Wilson of Winburn Glass Norfolk Chartered Accountants (WGN) provided financial and business advice to Matthew Halliday including negotiations with investors. WGN will continue to provide advice to the company going forward.
